B
It is most efficient to have each son receive a site each from the parent.
You are exempt from inheritance/gift tax on the first €478,155 you receive from a parent. Brother to brother the exemption falls to €47,815. See http://www.fixmytax.com/91.html for more info.
Each son could receive the gift from the father in instalments over a period of several years (€3,000 per year) under the annual small gift exemption. This wouldn't use up their CAT allowance.
So if the house is valued at 475,000 and given as a gift, no one pays anything?
If a house is transferred from a parent to a child, and that child has not received any other gifts/inheritances from their parents then they should be able to receive the gift net of capital acquisitions tax. Other taxes should also be considered - stamp duty, CGT if the house was not the parent's PPR. Speak to an advisor.
I see, the house wouldn't be a PPR so stamp duty and CGT would probably have to be paid.
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